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CHƯƠNG 5: THE MARKOWITZ ALGORITHM

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M) EGG @?_ t|@?_@h_ _i@|L? j Rc+  Ai T@h E> Rc+ cj Rc+  T*L|t@t@t?}*iTL?|_gihi?| uhL4 E> Rc% cj Rc+  L? |i iUi?| uhL?|ih Lu TLh|uL*Lt 6Lh i @4T*ic t?} |i _@|@ ? A@M*i  @?_ @ |@h}i| i TiU|i_ hi|h? Lu > RcB  f2D |i tL*|L? uLh |i iUi?| TLh|uL*L U@? Mi tL? |L Mi    fb.?  'ffeD @?_   ' fe2 6Lh u|hi hiuihi?Uic U@** |t TLh|uL*L R@tti| v L|Ui |@| @tti|  t tL*_ tLh| ? |t TLh|uL*L Ai i TiU|i_ hi|h?c @h@?Ui @?_ t|@?_@h_ _i@|L? Lu |t TLh|uL*L @hi > Rc+ ' > RcQ  Efb.Ef22b n EffeDEfH n Efe2EfD2H 'f2D j Rc+  Efb. Efb2enEffeDEfHS2nEfe2EfD2H n2Efb.EffeDEffS n 2Efb.Efe2EfDH2 n 2EffeDEfe2EfDb 'S j Rc+ ' I S'e. Ai T@h E> RcQ cj Rc+ 'Ef2Dc e. t **t|h@|i_ ? }hi  AL Uhi@|i |i i?|hi iUi?| uhL?|ih i UL*_ tL*i |i 4?43@|L? ThLM*i4 Ee uLh @** TLttM*i |@h}i| i TiU|i_ hi|h?t |? tL4i h@?}i At Mh|i uLhUi @TThL@Uc *i **t|h@|ic t ?L| ih) Th@U|U@* UL4T|@|L?@**) 6Lh|?@|i*)c |ihi e t @? i@tih @) |L UL4T|i |i i?|hi iUi?| uhL?|ih |@| L?*) hi^hit tL*?} Ee uLh |L |@h}i| hi|h?t t i t@** tiic }i? @?) |L TLh|uL*Lt L? |i iUi?| uhL?|ih @?L|ih TLh|uL*L L? |i iUi?| uhL?|ih t @ t4T*i UL?i UL4M?@|L? Lu |iti |L TLh|uL*Lt Oi?Uic |i hit*|t uLh |i UL?t|hU|L? Lu iUi?| TLh|uL*Lt | |L ht!) @tti|t U@? Mi ti_ |L UL4T|i iUi?| TLh|uL*Lt | @? @hM|h@h) ?4Mih Lu ht!) @tti|t AL **t|h@|i |t hit*|c UL?t_ih |i |L iUi?| TLh|uL*Lt |@| @hi |i tL*|L?t Lu Ee @?_ ES L UL?t_ih uLh4?} @ ?i TLh|uL*L |@| t @ UL?i UL4M?@|L? 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A@M*i  i @i   ! - + >  >  >  " . ,  ! - + f22b fH ffD2 " . , ? 2  ! - + Bb2e ffS fDH2 ffS fHS2 fDb fDH2 fDb fD2H " . ,  Ai hi|h? L? |i TLh|uL*L t?} iU|Lh ?L|@|L? t - 4?    +  -  ?  ?    ! - + -  -  -  " . ,    -  n %  -  n %  -   54*@h*)c |i i TiU|i_ hi|h? L? |i TLh|uL*L t > Rc% ' .d  +o'  .d+o'    E  ?  ?    ! - + >  >  >  " . ,    >  n %  >  n %  >   b i |c |i @h@?Ui Lu |i TLh|uL*L t j 4?  @o-  + '  P 'E  ?  ?    ! - + j  j  j  j  j  j  j  j  j  " . , ! - +       " . ,    j  n %  j  n %  j  n2%  %  j  n2%  %  j  n2%  %  j  6?@**)c |i UL?_|L? |@| |i TLh|uL*L i}|t t4 |L L?i U@? Mi i Thitti_ @t   Q 'E  ?  ?    ! - + Q Q Q " . ,    n   n   ' ihi Q t@  iU|Lh | i@U i*i4i?| i^@* |L  L?t_ih @?L|ih TLh|uL*L | i}|t  'E+  c+  c+     Ai hi|h? 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